Business networking for CFO is one of the most effective marketing and prospecting method you can use to grow your business. But if done incorrectly, it can be harmful to your business.
Business networking is a lot more than giving out business cards. It is about building trust. For CFO the networking is a lot more than meeting people. It is about connecting with the right people.
Business networking is a lot more than collecting phone numbers. It is about staying in touch, about listening, addressing needs and looking for opportunities all at the same time.
How Leaders Create And Use Networks
It is how as a CFO we approach relevant business networking sessions that makes it work for us. Networking is about being authentic and genuine, building relationships and trust, and helping others. Although increased sales is the end goal, don’t participate in business networking to sell.
Build relationships and sales will follow naturally. People have to trust you before they’ll do business with you or refer you. Relationship capital is an immensely valuable part of business success. Put your energy, intention and attention on business networking.
Are you starting a new business? Or maybe you already have a small business? Whichever is the case you will no doubt have made business plan, forecast your cash flow and probably frightened yourself as to where all your money has gone.
In order to generate new business it's essential to market your business and certainly this can be a very costly business. Advertising is seriously expensive and in my mind it works best for those already with an established brand because it's about recognition and repetition, so unless you're already in the league of Coca Cola it's probably not a good solution.
Business networking is not about a closed shop where everyone gives each other work, it's much more powerful than that. It's fundamentally about the act referring business to people that you have grown to know, like and trust, and for them to do the same for you. Understanding how to give a quality referral is an art itself and something that I cannot cover today so for the time being let's just consider the benefits of business networking.
It is not a well known fact but 70% of new business that your company gets is through word of mouth. Networking allows you to formally explain what your business is about and as fellow networking business people get to know you so you will naturally start to win new sales leads because people like to pass business to people that they know.
Simply attending a networking event will raise your profile especially if you network on a regular basis. Remember my earlier point about advertising; recognition and repetition, attending a regular networking event achieves this.
Not only do you have the opportunity to present your business, you also get to meet with a lot of business people from other walks of life that will inevitably be able to help solve some of your problems. And you will be able to do the same, it's all part of the relationship building process and at the end of the day it's this relationship that counts when recommending someone's services.
You'll also get to know an awful lot of people that will be able to help you when you have a problem. Have you ever picked up the yellow pages and looked for a particular service? How do you choose? It really is hit and miss. By getting to know reliable contacts who can provide you with what you want and who can be trusted is worth so much in terms of your time and money.
Likewise, if there's no one in your network who can help, the chances are that someone knows someone who can and will recommend them. Suddenly you find that your business is moving forward at a much more rapid pace. Your confidence will soar!
Sharing experiences is also part of the game. Just talking to people about their experiences, their goals and their problems will stimulate lots of new ideas and open your mind to new opportunities. All of a sudden you have a completely new approach to doing something or even a new business venture that you may never have otherwise thought of.
Last but not least it's amazing how much satisfaction we all get from helping others.
There are many business networking techniques to learn in order to make the most of this style of marketing but once you've understood the basics, give it a little time and I'm sure that you'll soon understand the true power and benefits of networking.
Identify which networking events you should attend. Pick groups that’ll help you achieve your goals. Find venues that make sense for your business. When you register for an event, schedule it like a meeting.
Determine how often you should be networking. How many times in a week, month, or quarter? Visit as many groups as possible.
Attend events with a plan and always try to learn something new. Prepare yourself for the event. Develop open-ended questions to ignite a conversation. Bring business cards but don’t give your business card to everyone you meet. Give cards to those who ask you for it. Try to sit with strangers. Don’t forget to mingle.
Top Five Small Business Network Tips
Keep track of people you meet. Keep in touch with them and deepen your emotional connection. Establish a mutual beneficial relationship with other business people and potential clients/ customers. Meet with the group members individually so you get to know them better and try to build quality connections. Consider other group members as resources. focus on the group; listen and think about how you can help them. Focus on giving. Build trust within the group.
An important part of conference management is the conference evaluation. Most association conferences are repeated annually so it is critical for the planners to make an assessment of the quality of symposium sessions, speakers and overall experience. It will be less likely that association members and guests will attend future conferences if their previous experiences are mediocre at best. Only by getting relevant feedback from those in attendance will you ever know how well your conference was received and who you can count on to provide quality presentations for your future conferences.
A good conference planner will have a clear understanding of their goals and objectives and have an effective review process in choosing speakers and session topics. These instructor selections often come from personal encounters but most come from the recommendations of others. Speakers, session topics, venues and amenities don't always provide the kind of quality desired and need to be weeded out. You can accomplish this by providing attendees with an easy conference evaluation tool that will assist you in making the necessary changes in environment, personnel and material that will assure a more successful conference in the future.
What kind of questions should you ask?
With a clear understanding of the goals and objectives of the conference in mind, prepare a comprehensive list of questions and associated measurable responses regarding individual speakers and sessions. Question responses will be either "Yes / No" or multiple level responses such "Excellent / Good / Fair / Poor" or "Strongly Agree / Agree / Neutral / Disagree / Strongly Disagree" to name a few. Search the internet for examples of conference evaluation questions. The measurable values usually would be higher the more positive they are as in Excellent being a value of 4 and Poor being a value of 1. The result would be calculated as a mean and provide you with a quick glance at the overall response to a given question. It is customary to provide an overall evaluation section in the survey to capture the general sense of the success of your conference which would include site location and amenities and the impact that the conference overall will have on an individual's career or practice. Some open-ended questions or comment sections should also be provided to give the attendee opportunity to more freely express their personal insights and observations. All of this data will be extremely helpful to you in planning future conferences.
What is the most widely used evaluation instrument?
At the present time, paper OMR evaluation forms are the most widely used conference evaluation instrument. They are often combined with a web version of the survey for those more inclined to use their computers in the evaluation process. It is helpful in this situation to provide wireless 'hot spots' at the conference site for immediate participation while things are fresh in their minds. However, many attendees will prefer to respond online when they return to their home or office. The data from both of these sources can be combined and the tabulated results put into a readable report generally containing such things as response counts and tabulated percentages and mean values for easy review. The OMR and web survey process is best facilitated by a company with the tools and experience. They can also assist you in preparing your questions, and designing, printing and scanning your evaluations and preparing your reports.
As one responsible for conference management, you look forward to positive feedback from your attendees to assure you that things went according to your best laid plans. However, negative feedback is also very helpful in making sure you get the best resources for your next event and continue to grow into a healthy professional association. Make sure to set aside a part of your budget for the conference evaluation process and find a reputable company to help you. May your next conference be better than ever!
Do not expect to receive benefits right away. Do volunteering work for network groups to stay visible and give back. As a responsible CFO you must show up regularly and on time, show others how you deal with business meetings and associates. Give quality referrals and leads. If someone gives you a referral, follow up on it in a timely manner. Follow through quickly and efficiently on referrals you are given. Take a referral seriously.
Don’t spam on social networks. Use the platforms designed for CFO to build relationships and expand your network.
Limit self-promotion. Don’t sell. Build relationships. Be as helpful as you can. Share relevant information with others as people love to learn new things. Participate in discussions. Let others know you’re real. Be approachable. Treat your online connections just as valuable as your offline connections.